Current through Register Vol. 50, No. 9, September 20, 2024
A.
1. For
state-certified productions initially certified on or after July 1, 2015, with
expenditures occurring on or after July 1, 2015, a state-certified production
company which demonstrates that it owned or optioned to own a Louisiana
screenplay, which has been held by a qualified Louisiana production company for
a minimum of 12 months prior to production, may be eligible for an additional
15 percent of base investment tax credit.
2.
Louisiana Screenplay-
a. a screenplay created by a Louisiana
resident; or
b. a screenplay
purchased, optioned, licensed or otherwise acquired, from a Louisiana
publisher:
i. in each case, as evidenced by
documents such as certificate of authorship, a WGA registration certificate,
the records of the United States Copyright Office, or a reasonable legal
opinion issued to the office.
3.
Qualified Louisiana Production
Company (QLPC)-
a motion picture production company,
organized under Louisiana law, or otherwise domiciled and authorized to do
business in Louisiana, having its principal place of business in Louisiana,
which files Louisiana income tax returns and can also demonstrate:
a. the power and authority to make creative
decisions with respect to a motion picture being produced by a state-certified
production company, including but not limited to final cut authority;
and
b. either of the following:
i. Louisiana ownership-must be able to prove
that the company is 100 percent owned by a Louisiana resident or residents, who
are natural persons who have been domiciled in and maintained a permanent place
of abode in Louisiana for no less than 12 consecutive months prior to beginning
of pre-production; or
ii. Louisiana
employees-must be able to prove that the company has directly employed a
minimum of 3 full-time Louisiana residents for a minimum of 12 months prior to
beginning of pre-production.
4. LED shall post on its website a listing of
approved Louisiana publishers and qualified Louisiana production companies.
B. If LED determines
that an expenditure is a related party transaction, after review of CPAs
verification report and any other supplemental support documentation, in
addition to any other appropriate limitations or exclusions, such related party
transactions shall not qualify for the additional 15 percent copyright
credit.
C. LED shall not issue a
final certification letter certifying any credits pursuant to the provisions of
this section, until promulgation of a rule in the Louisiana
Register, pursuant to the Administrative Procedure Act.
D. LED staff are available to assist
interested parties in understanding the eligibility criteria and applying for
this additional credit, and would suggest the following sequence of steps.
1. Interested motion picture production
companies should apply to LED for approval as a QLPC.
2. Interested publishing house companies
should apply to LED for approval as a Louisiana publisher
3. Following QLPC approval, QLPCs may apply
to LED for project approval of state-certified productions as usual, applying
either on their own behalf, or their associated project company may apply, but
at time of application it must be able to demonstrate the relationship between
QLPC and state certified production company applicant.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
47:6007
